Bates & Company, Inc.
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Regional Vice President of Sales The Retirement Plan Company
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Compass
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AimPoint Pension
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Defined Benefit Combo Cash Balance Compliance Consultant Loren D. Stark Company (LDSCO)
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Loan & Distribution Specialist AimPoint Pension
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Fiduciary Traps for the Unwary: Participant Health Plan Contributions
HUB International Jan. 28, 2021 "[T]he Court found that the employer had discretionary control over participant contributions since the contributions were deposited in an employer account. It found that the owner was a fiduciary because, at the time the health plan lapsed, he was the only one with authority over the company's bank accounts ... Instead of paying the health bill, the Court determined that the company's funds (including the participant contributions) were used to pay corporate expenses. The Court found this use of participant contributions was a breach of fiduciary duty by the company and the primary owner." [Hammer v. Johnson Senior Ctr., No. 19-027 (W.D. Va., Nov. 30, 2020)] |
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